Sony reveals 12.9 per cent loss

Sony is the latest tech company to show huge losses this fiscal year.

The company revealed a 12.9 per cent loss in sales and operating revenue for the year, ending 31 March 2009, which translates to 98.9 billion yen (£688 million).

This is the worst loss the company has experienced for 14 years, according to the BBC.

In the report, the company blamed the economic downturn. It said: “Sales decreased and losses were recorded due to factors including the slowdown of the global economy, the appreciation of the Yen and the decline in the Japanese stock market.”

An 18 per cent decrease in the games arm of its business was also blamed on the fall of PlayStation 2 sales and the loss of 17 per cent in the electric segment was partly blamed on its mobile venture Sony Ericsson, which posted huge losses in its first quarter.

Although in the results statement the company expects to “decrease its losses”, it still predicts a loss of 120 billion yen.

Sony offered no further comment on the results.